The Ministry of Natural Resources has announced that today is the last chance for submissions to be sent on the draft Local Content Policy, a document that seeks to put into context, how Guyanese can reap the maximum benefit from the oil sector.
Thus far, a series of strategic engagements with various stakeholders were held from March 3, 2021, to March 25, 2021. Guyana Standard understands that during that time, the Ministry consulted over 180 public and private sector agencies and firms who are involved either directly or indirectly in the growth and development of Guyana’s hydrocarbons sector. These included the operators, subcontractors, and local suppliers for the petroleum sector; workforce enhancement partners such as education agencies, labor unions, and regulatory bodies; Tertiary, Professional, and Technical & Vocational Education and Training (TVET) providers; manufacturing and fabrication services; business development and support partners; and providers of financial services (bank and non-banking).
It was noted that the general focus of the stakeholders’ response to the draft document fixated primarily on the state of the current capacity of Guyanese (businesses and skills) and expectations for better participation and benefits from the sector, the identification of opportunities that exist for Guyanese to participate in the industry and the need for transformation in key related sectors such as education and finance to support business enhancement that will cater for the needs of the growing petroleum economy.
As it awaits the final submissions, the Ministry was keen to note that all stakeholders will be reengaged on completion of the policy to ensure that the final document is aligned to national objectives of local participation, benefits, enhancing business growth, increased revenue-generating systems, and local ownership along the value-chain of the oil and gas sector.
